OilVoice - Premier Oil Announces Vietnam Discovery

Premier Oil Announces Vietnam Discovery

Wednesday, June 24, 2009

Premier Oil has successfully completed drill stem testing of the Cá Rong Do discovery well on Block 07/03, offshore Vietnam. As announced on 3rd June 2009, the Cá Rong Do well was drilled to a total depth of 3,810 meters BRT and has intersected approximately 90m net oil and gas pay within multiple stacked reservoir layers. Two of these reservoir zones have now been tested. The zones tested flowed oil at a combined rate of 3,265 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64" choke. No water was produced from either zone.

Premier plans to conduct a 3D survey to define the resource potential of the Cá Rong Do discovery and adjacent structures and to determine future exploration and appraisal activity. Premier currently plans to drill a second exploration well elsewhere on Block 07/03 in Q4 2009.

Simon Lockett, Chief Executive, commented:
"We are delighted to have encountered hydrocarbons, both oil and gas, with our first well on Block 07/03, giving us encouragement that we have a working hydrocarbon system within this large under-explored area of the Nam Con Son Basin. Given numerous leads and prospects in this and our adjoining acreage, we look forward to an active seismic and drilling programme as a follow up to this success"

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